Alphabet Inc. (NASDAQ:GOOG) Q1 2024 Earnings Conference Call April 25, 2024 4:30 PM ET

Alphabet 公司（纳斯达克股票代码：GOOG）2024 年第一季度收益电话会议 2024 年 4 月 25 日 下午 4:30 ET

Company Participants 公司参与者

Jim Friedland - Director of Investor Relations

吉姆·弗里德兰 - 投资者关系总监

Sundar Pichai - CEO & Director

桑达尔·皮查伊 - 首席执行官兼董事

Philipp Schindler - Senior Vice President & Chief Business Officer

菲利普·辛德勒 - 高级副总裁兼首席商务官

Ruth Porat - President, Chief Investment Officer, Senior VP & CFO

Ruth Porat - 总裁，首席投资官，高级副总裁兼首席财务官

Conference Call Participants

电话会议参与者

Brian Nowak - Morgan Stanley

布莱恩·诺瓦克 - 摩根士丹利

Doug Anmuth - JPMorgan

道格·安穆斯 - 摩根大通

Eric Sheridan - Goldman Sachs

埃里克·谢里丹 - 高盛

Stephen Ju - UBS

斯蒂芬·朱 - 瑞银 UBS

Justin Post - Bank of America

贾斯汀·波斯特 - 美国银行

Jing Lee - Evercore

Ken Gawrelski - Wells Fargo

肯·高雷尔斯基 - 富国银行

Ross Sandler - Barclays

罗斯·桑德勒 - 巴克莱

Colin Sebastian - Baird

柯林·塞巴斯蒂安 - 贝尔德

Operator 操作员

Welcome, everyone. Thank you for standing by for the Alphabet First Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. [Operator Instructions]

欢迎大家。感谢您参加Alphabet2024 年第一季度收益电话会议。目前所有参与者都处于听取模式。演讲结束后，将进行问答环节。【操作员指示】

I would now like to hand the conference over to your speaker today, Jim Friedland, Director of Investor Relations. Please go ahead.

我现在想把会议交给今天的发言人吉姆·弗里德兰，投资者关系总监。请开始。

Jim Friedland 吉姆·弗里德兰

Thank you. Good afternoon, everyone, and welcome to Alphabet's first quarter 2024 earnings conference call. With us today are Sundar Pichai, Philipp Schindler, and Ruth Porat.

谢谢。大家下午好，欢迎参加Alphabet2024 年第一季度收益电话会议。今天与我们在一起的是桑达尔·皮查伊、菲利普·辛德勒和鲁思·波拉特。

Now, I'll quickly cover the Safe Harbor. Some of the statements that we make today regarding our business, operations, and financial performance may be considered forward-looking. Such statements are based on current expectations and assumptions that are subject to a number of risks and uncertainties. Actual results could differ materially. Please refer to our Forms 10-K and 10-Q, including the risk factors. We undertake no obligation to update any forward-looking statement.

现在，我将快速介绍 Safe Harbor。我们今天就我们的业务、运营和财务表现所做的一些声明可能被视为前瞻性的。这些声明基于目前的预期和假设，受到许多风险和不确定性的影响。实际结果可能会有重大差异。请参阅我们的 10-K 和 10-Q 表格，包括风险因素。我们不承担更新任何前瞻性声明的义务。

During this call, we will present both GAAP and non-GAAP financial measures. A reconciliation of non-GAAP to GAAP measures is included in today's earnings press release, which is distributed and available to the public through our Investor Relations website located at abc.xyz/investor. Our comments will be on year-over-year comparisons unless we state otherwise.

在本次通话中，我们将提供符合通用会计准则（GAAP）和非通用会计准则（non-GAAP）的财务指标。非 GAAP 与 GAAP 指标的调和表包含在今天的收益新闻稿中，可通过我们的投资者关系网站 abc.xyz/investor 向公众发布和获取。除非另有说明，我们的评论将基于同比数据。

And now, I'll turn the call over to Sundar.

现在，我将把电话交给桑达。

Sundar Pichai 桑达尔·皮查伊

Thank you, Jim, and hello, everyone. It was a great quarter led by a strong performance from Search, YouTube, and Cloud. Today, I want to share how we are thinking about the business and the opportunity more broadly. Of course, that's heavily focused on AI and Search. Then I'll take you through some highlights from the quarter in Cloud, YouTube, and beyond. Let's discuss our momentum and strategy. Taking a step back, it took Google more than 15 years to reach $100 billion in annual revenue. In just the last six years, we've gone from $100 billion to more than $300 billion in annual revenue. Of course, Search continues to power that, as you see in our Q1 results. But in addition, we expect YouTube overall and Cloud to exit 2024 at a combined annual run rate of over $100 billion. This shows our track record of investing in and building successful new growing businesses.

谢谢，吉姆，大家好。这是一个出色的季度，由搜索、YouTube 和云端的强劲表现引领。今天，我想分享一下我们对业务和更广泛机遇的思考。当然，这主要集中在人工智能和搜索上。然后我会带大家回顾一下云端、YouTube 等方面在本季度的一些亮点。让我们讨论一下我们的动力和战略。退一步看，谷歌用了 15 年多的时间才实现年收入达到 1000 亿美元。在过去的六年里，我们的年收入从 1000 亿美元增长到了 3000 亿美元以上。当然，搜索继续推动这一增长，正如您在我们的第一季度业绩中所看到的。此外，我们预计 YouTube 整体和云端将在 2024 年达到超过 1000 亿美元的年度营收。这显示了我们在投资和打造成功新兴业务方面的良好记录。

Now, let's look at how well we are positioned for the next wave of AI innovation and the opportunity ahead. There are six points to make. One, research leadership. Two, infrastructure leadership. Three, innovation and search. Four, our global product footprint. Five, velocity in execution. Six, monetization paths. First, our foundation of research leadership. We've been an AI -first company since 2016, pioneering many of the modern breakthroughs that power AI progress for us and for the industry. Last week, we further consolidated teams that built AI models under Google DeepMind. This will help simplify development and establish a single access point for our product teams as they build generative AI applications with these models. The teams are making rapid progress, developing Gemini and other models. In February, we rolled out Gemini 1.5 Pro, which shows dramatic performance enhancements across a number of dimensions. It includes a breakthrough in long context understanding, achieving the longest context window of any large -scale foundation model yet. Combining this with Gemini's native multimodal understanding across audio, video, text code, and more, it's highly capable. We are already seeing developers and enterprise customers enthusiastically embrace Gemini 1.5 and use it for a wide range of things.

现在，让我们看看我们在下一波人工智能创新和前景机遇中的定位如何。有六个要点。一、研究领导力。二、基础设施领导力。三、创新和搜索。四、我们的全球产品覆盖范围。五、执行速度。六、变现路径。首先，我们的研究领导力基础。自 2016 年以来，我们一直是一家以人工智能为先的公司，开创了许多推动我们和行业人工智能进步的现代突破。上周，我们进一步整合了在谷歌 DeepMind 下构建人工智能模型的团队。这将有助于简化开发，并为我们的产品团队建立一个单一访问点，使他们能够使用这些模型构建生成式人工智能应用。团队正在快速取得进展，开发 Gemini 和其他模型。今年 2 月，我们推出了 Gemini 1.5 Pro，显示出在多个维度上的显著性能提升。它包括在长上下文理解方面取得的突破，实现了迄今任何大规模基础模型中最长的上下文窗口。结合 Gemini 在音频、视频、文本代码等领域的本地多模态理解，它具有很高的能力。 我们已经看到开发人员和企业客户热情地拥抱 Gemini 1.5，并将其用于各种事物。

Beyond Gemini, we have built other useful models, including our Gemma open models, as well as imagine visual models and others. Second, infrastructure leadership. We have the best infrastructure for the AI era. Building world-leading infrastructure is in our DNA, starting in our earliest days when we had to design purpose-built hardware to power search. Our data centers are some of the most high-performing, secure, reliable, and efficient in the world. They've been purpose-built for training cutting-edge AI models and designed to achieve unprecedented improvements in efficiency. We have developed new AI models and algorithms that are more than 100 times more efficient than they were 18 months ago. Our custom TPUs, now in their fifth generation, are powering the next generation of ambitious AI projects. Gemini was trained on and is served using TPUs. We are committed to making the investments required to keep us at the leading edge in technical infrastructure.

除了双子座，我们还建立了其他有用的模型，包括我们的 Gemma 开放模型，以及想象视觉模型等。第二，基础设施领导力。我们拥有 AI 时代最佳基础设施。构建世界领先的基础设施是我们的基因，从我们最早的日子开始，我们就不得不设计定制硬件来支持搜索。我们的数据中心是世界上一些性能最高、安全可靠、高效的数据中心之一。它们是为训练尖端 AI 模型而量身定制的，并旨在实现效率方面的前所未有的改进。我们已经开发出比 18 个月前高出 100 倍以上效率的新 AI 模型和算法。我们定制的 TPU 现已发展到第五代，正在为下一代雄心勃勃的 AI 项目提供动力。双子座是在 TPU 上训练并提供服务的。我们致力于进行必要的投资，以保持在技术基础设施领域的领先地位。

You can see that from the increases in our capital expenditures. This will fuel growth in cloud, help us push the frontiers of AI models, and enable innovation across our services, especially in Search. AI innovations and Search are the third and perhaps the most important point I want to make. We have been through technology shifts before, to the web, to mobile, and even to voice technology. Each shift expanded what people can do with Search and led to new growth. We are seeing a similar shift happening now with generative AI. For nearly a year, we have been experimenting with SGE and Search labs across a wide range of queries. And now we are starting to bring AI overviews to the main Search results page. We are being measured in how we do this, focusing on areas where gen AI can improve the Search experience, while also prioritizing traffic to websites and merchants.

您可以从我们的资本支出增加中看到这一点。这将推动云增长，帮助我们推动 AI 模型的前沿，并促进我们的服务创新，特别是在搜索方面。AI 创新和搜索是我想要提出的第三个，也许是最重要的观点。我们之前经历过技术转变，从网络到移动，甚至到语音技术。每次转变都扩大了人们在搜索中的应用范围，并带来了新的增长。我们现在看到一个类似的转变正在发生，即生成式 AI。近一年来，我们一直在各种查询中进行 SGE 和搜索实验室的实验。现在我们开始将 AI 概述带到主要搜索结果页面。我们在做这件事时非常谨慎，重点放在 gen AI 可以改善搜索体验的领域，同时优先考虑网站和商家的流量。

We have already served billions of queries with our generative AI features. It's enabling people to access new information, to ask questions in new ways, and to ask more complex questions. Most notably, based on our testing, we are encouraged that we are seeing an increase in Search usage among people who use the new AI overviews as well as increased user satisfaction with the results.

我们已经通过我们的生成式人工智能功能为数十亿次查询提供服务。它使人们能够访问新信息，以新的方式提出问题，并提出更复杂的问题。值得注意的是，根据我们的测试，我们鼓励地看到使用新的 AI 概述的人群的搜索使用量增加，以及用户对结果的满意度提高。

And with Circle to Search, people can now circle what they see on their Android screens, ask a question about an image, or object in a video, and get an AI overview with lens. Fourth, our global product footprint beyond Search. We have six products with more than 2 billion monthly users, including 3 billion Android devices. 15 products have 0.5 billion users, and we operate across 100 -plus countries. This gives us a lot of opportunities to bring helpful Gen AI features and multimodal capabilities to people everywhere and improve their experiences. We have brought many new AI features to Pixel, Photos, Chrome, Messages, and more. We are also pleased with the progress we are seeing with Gemini and Gemini Advanced through the Gemini app on Android and the Google app on iOS.

通过 Circle to Search，人们现在可以在他们的 Android 屏幕上圈出他们看到的内容，询问关于图像或视频中物体的问题，并通过镜头获得 AI 概述。第四，我们的全球产品覆盖范围超越了搜索。我们拥有 6 款拥有 20 亿月度用户的产品，包括 30 亿 Android 设备。15 款产品拥有 5 亿用户，并且我们在 100 多个国家运营。这为我们提供了许多机会，将有用的 Gen AI 功能和多模态能力带给世界各地的人们，改善他们的体验。我们为 Pixel、Photos、Chrome、Messages 等带来了许多新的 AI 功能。我们也对通过 Android 上的 Gemini 应用和 iOS 上的 Google 应用看到的 Gemini 和 Gemini Advanced 的进展感到满意。

Fifth, improved velocity and execution. We've been really focused on simplifying our structures to help us move faster. In addition to bringing together our model building teams under Google DeepMind, we recently unified our ML infrastructure and ML developer teams to enable faster decisions, smarter compute allocation, and a better customer experience. Earlier this year, we brought our Search teams together under one leader. And last week, we took another step bringing together our platforms and devices teams. The new combined team will focus on delivering high quality products and experiences, bolstering the Android and Chrome ecosystems, and bringing our best innovations to partners faster. We also remain focused on long-term efforts to durably re-engineer our cost base. You can see the impact of this work reflected in our operating market. We continue to manage our headcount growth and align teams with our highest priority areas.

第五，提高速度和执行力。我们一直致力于简化结构，以帮助我们更快地前进。除了将我们的模型构建团队整合到 Google DeepMind 之下，我们最近还统一了我们的 ML 基础设施和 ML 开发团队，以实现更快的决策、更智能的计算分配和更好的客户体验。今年早些时候，我们将搜索团队整合到一个领导之下。上周，我们又迈出了一步，将我们的平台和设备团队整合在一起。新的合并团队将专注于提供高质量的产品和体验，增强 Android 和 Chrome 生态系统，并更快地将我们最好的创新带给合作伙伴。我们也继续专注于长期努力，持久地重新调整我们的成本基础。您可以看到这项工作在我们的运营市场中的影响。我们继续管理我们的员工增长，并将团队与我们最重要的领域保持一致。

This speeds up decision making, reduces layers, and enables us to invest in the right areas. Beyond our teams, we are very focused on our cost structures, procurement, and efficiency. And a number of technical breakthroughs are enhancing machine speed and efficiency, including the new family of Gemini models and a new generation of TPUs. For example, since introducing SGE about a year ago, machine costs associated with SGE responses have decreased 80% from when first introduced in labs driven by hardware, engineering, and technical breakthroughs. We remain committed to all of this work. Finally, our monetization path. We have clear paths to AI monetization through ads and cloud, as well as subscriptions. Philip will talk more about new AI features that are helping advertisers, including bringing Gemini models into Performance Max. Our Cloud business continues to grow as we bring the best of Google AI to enterprise customers and organizations around the world. And Google One now has crossed 100 million paid subscribers. And in Q1, we introduced a new AI premium plan with Gemini Advanced.

这加快了决策过程，减少了层级，并使我们能够投资于正确的领域。除了我们的团队，我们非常关注我们的成本结构、采购和效率。许多技术突破正在提高机器速度和效率，包括新的 Gemini 系列模型和新一代的 TPU。例如，自从大约一年前推出 SGE 以来，与 SGE 响应相关的机器成本已经从最初在实验室中推出时减少了 80%，这得益于硬件、工程和技术突破的推动。我们仍然致力于所有这些工作。最后，我们的变现路径。我们通过广告和云端以及订阅服务有明确的 AI 变现路径。Philip 将更多地谈到正在帮助广告商的新 AI 功能，包括将 Gemini 模型引入 Performance Max。我们的云业务继续增长，将谷歌 AI 的最佳部分带给全球企业客户和组织。而 Google One 现在已经突破了 1 亿付费订阅用户。在第一季度，我们推出了一个新的带有 Gemini Advanced 的 AI 高级计划。

Okay, those are the six points. So now let me turn to quarterly highlights from Cloud and YouTube in a bit more detail. In Cloud, we have announced more than 1,000 new products and features over the past eight months. At Google Cloud Next, more than 300 customers and partners spoke about their generative AI successes with Google Cloud, including global brands like Bayer, Cintas, Mercedes-Benz, Walmart, and many more. Our differentiation in Cloud begins with our AI Hypercomputer, which provides efficient and cost-effective infrastructure to train and serve models. Today, more than 60% of funded Gen AI startups and nearly 90% of Gen AI unicorns are Google Cloud customers. And customers like PayPal and Kakao Brain are choosing our infrastructure. We offer an industry-leading portfolio of NVIDIA GPUs along with our TPUs. This includes TPU v5p, which is now generally available, and NVIDIA's latest generation of Blackwell GPUs.

好的，这些就是六个要点。现在让我稍微详细地谈一下云和 YouTube 在季度亮点方面。在云端，过去八个月中我们已经宣布了 1000 多个新产品和功能。在 Google Cloud Next 上，有 300 多位客户和合作伙伴谈到了他们在 Google Cloud 上的生成式人工智能成功案例，包括拜耳、辛塔斯、梅赛德斯-奔驰、沃尔玛等全球知名品牌。我们在云端的差异化始于我们的 AI 超级计算机，为训练和提供模型提供高效且具有成本效益的基础设施。如今，超过 60%的获得资金支持的 Gen AI 初创公司和近 90%的 Gen AI 独角兽公司都是 Google Cloud 的客户。像 PayPal 和 Kakao Brain 这样的客户正在选择我们的基础设施。我们提供行业领先的 NVIDIA GPU 组合以及我们的 TPU。其中包括现在已经普遍可用的 TPU v5p，以及 NVIDIA 最新一代的 Blackwell GPU。

We also announced Axion, our new Google design and ARM-based CPU. In benchmark testing, it has performed up to 50% better than compatible x86-based systems. On top of our infrastructure, we offer more than 130 models, including our own models, open source models, and third-party models. We made Gemini 1.5 Pro available to customers, as well as Imagine 2.0 at Cloud Next. And we shared that more than one million developers are now using our generative AI across tools, including AI Studio and Vertex AI. We spoke about how customers like Bristol-Myers Squibb and Etsy can quickly and easily build agents and connect them to their existing systems. For example, Discover Financial has begun deploying Gen AI-driven tools to its nearly 10,000 call center agents to achieve faster resolution times for customers. Customers can also now ground their Gen AI with Google Search and their own data from their enterprise databases and applications. In Workspace, we announced that organizations like Uber, Pepperdine University, and Penny Mac are using Gemini in Google Workspace, our AI-powered agent that's built right into Gmail, Docs, Sheets, and more. We also announced Google Vids, a new application to create stories in short video format. And we introduced Gemini for meetings and messaging and Gemini security for Workspace. Customers are choosing Workspace because they have deep trust in our powerful security and privacy features. Our Cloud business is now widely seen as the leader in cybersecurity. I saw this firsthand when I went to the Munich Security Conference in February. Cybersecurity analysts are using Gemini to help spot threats, summarize intelligence, and take action against attacks, helping companies like American Family Insurance aggregate and analyze security data in seconds instead of days.

我们还宣布了 Axion，我们的新 Google 设计和基于 ARM 的 CPU。在基准测试中，它的性能比兼容的 x86 系统提高了高达 50%。在我们的基础设施之上，我们提供了超过 130 种模型，包括我们自己的模型、开源模型和第三方模型。我们已经向客户提供了 Gemini 1.5 Pro，以及在 Cloud Next 推出的 Imagine 2.0。我们分享了超过一百万开发人员现在正在使用我们的生成式 AI 工具，包括 AI Studio 和 Vertex AI。我们谈到了像百时美施贵宝和 Etsy 这样的客户如何可以快速轻松地构建代理并将其连接到现有系统。例如，Discover Financial 已经开始向近万名呼叫中心代理部署 Gen AI 驱动工具，以实现更快的客户解决时间。客户现在还可以通过 Google 搜索和来自企业数据库和应用程序的数据来支持他们的 Gen AI。在 Workspace 中，我们宣布像 Uber、Pepperdine 大学和 Penny Mac 这样的组织正在使用 Gemini 在 Google Workspace 中，这是我们内置在 Gmail、Docs、Sheets 等中的 AI 代理。 我们还宣布了 Google Vids，这是一个新的应用程序，用于创建短视频格式的故事。我们还推出了用于会议和消息传递的 Gemini 以及用于 Workspace 的 Gemini 安全功能。客户选择 Workspace 是因为他们对我们强大的安全和隐私功能深具信任。我们的云业务现在被广泛视为网络安全领域的领导者。我在二月份参加慕尼黑安全会议时亲眼见证了这一点。网络安全分析师正在使用 Gemini 来帮助发现威胁，总结情报，并采取行动对抗攻击，帮助像美国家庭保险这样的公司在几秒钟内聚合和分析安全数据，而不是几天。

Turning next to YouTube, which continues to grow and lead in streaming. We announced that on average, viewers are watching over 1 billion hours of YouTube content on TVs daily. AI experiments like Dream Screen will give anyone the ability to make AI-generated backgrounds for YouTube shots. And on subscriptions, which are increasingly important for YouTube, we announced that in Q1, YouTube surpassed 100 million music and premium subscribers globally, including trailers. And YouTube TV now has more than 8 million paid subscribers. Finally, in Other Bets, Waymo's fully autonomous service continues to grow ridership in San Francisco and Phoenix, with high customer satisfaction and we started offering paid rides in Los Angeles and testing rider-only trips in Austin. Overall, it was a great quarter and there's more to come. iOS is in less than three weeks, followed by Brand cast and Google Marketing Live. I want to thank our employees around the world who are at the heart of this progress and who continue to focus on building innovative products, helpful services, and new opportunities for businesses and partners around the world. Thank you. Philip?

转向 YouTube，继续增长并在流媒体领域领先。我们宣布，平均而言，观众每天在电视上观看超过 10 亿小时的 YouTube 内容。像 Dream Screen 这样的人工智能实验将使任何人都能够为 YouTube 拍摄制作 AI 生成的背景。在订阅方面，对于 YouTube 变得越来越重要，我们宣布在第一季度，YouTube 在全球范围内的音乐和高级订阅者已超过 1 亿，包括预告片。YouTube TV 现在拥有超过 800 万付费订阅者。最后，在其他投注方面，Waymo 的全自动服务继续增长旧金山和凤凰城的乘客量，客户满意度很高，我们开始在洛杉矶提供付费乘车服务，并在奥斯汀测试仅限乘客的行程。总的来说，这是一个很棒的季度，还有更多的事情即将发生。iOS 将在不到三周内推出，接着是 Brandcast 和 Google 营销大会。我要感谢我们全球各地的员工，他们是这一进展的核心，继续专注于为全球企业和合作伙伴构建创新产品、有益服务和新机遇。谢谢。菲利普？

Philipp Schindler 菲利普·辛德勒

Let's now talk about a few highlights from the quarter from a product innovation and advertising performance perspective. First, it bears repeating that AI innovation across our ads ecosystem is core to every aspect of our product portfolio, from targeting, bidding, creative, measurement, and across campaign types. We've talked about how solutions like smart bidding use AI to predict future ad conversions and their value in helping businesses stay agile and responsive to rapid shifts in demand, and how products like Broad Match leverage LLMs to match ads to relevant searches and help advertisers respond to what millions of people are searching for. This is foundational. As advances accelerate in our underlying AI models, our ability to help businesses find users at speed and scale and drive ROI just keeps getting better. We're especially excited about the doors Gen AI's opening for creative capabilities, helping deliver on the premise of getting the right ad to the right user in the right moment.

让我们现在从产品创新和广告表现的角度谈一下本季度的一些亮点。首先，值得重申的是，人工智能创新贯穿于我们广告生态系统的各个方面，是我们产品组合的核心，涵盖了定位、竞价、创意、测量以及各种广告活动类型。我们已经谈到，像智能竞价这样的解决方案如何利用人工智能来预测未来的广告转化以及它们在帮助企业保持敏捷和对需求快速变化做出响应方面的价值，以及像广泛匹配这样的产品如何利用LLMs来将广告与相关搜索匹配，帮助广告主应对数百万人正在搜索的内容。这是基础性的。随着我们基础人工智能模型的进步加速，我们帮助企业以更快的速度和更大的规模找到用户并提高投资回报率的能力不断提升。我们对 Gen AI 为创意能力打开的大门特别兴奋，有助于实现将正确的广告传递给正确的用户在正确时刻的前提。

Look at Performance Max. In February, we rolled Gemini into P-Max. It's helping curate and generate text and image assets so businesses can meet P-Max asset requirements instantly. This is available to all US advertisers and starting to roll out internationally in English and early results are encouraging. Advertisers using P-Max asset generation are 63% more likely to publish a campaign with good or excellent ad strength. And those who improve their P-Max ad strength to excellent see 6% more conversions on average. We're also driving improved results for businesses opting into automatically created assets, which are supercharged with Gen AI. Those adopting ACA see an average 5% more conversions at a similar cost per conversion in Search and Performance Max campaigns. And then there's Demand Gen. Advertisers are loving its ability to engage new and existing customers and drive purchase consideration across our most immersive and visual touch points like YouTube, Shorts, Gmail, and Discover. Hollywood Film and TV Studio Lionsgate partnered with Horizon Media to test what campaign type would deliver the most ticketing page views for its The Hunger Games, Ballad of Songbirds, and Snakes Film. Over a three week test, Demand Gen was significantly more efficient versus social benchmarks, with an 85% more efficient CPC and 96% more efficient cost per page view. Lionsgate has since rolled out Demand Gen for two new titles.

看看 Performance Max。 二月份，我们将 Gemini 整合到 P-Max 中。它有助于策划和生成文本和图像资产，使企业能够立即满足 P-Max 资产要求。这对所有美国广告商都可用，并开始在英语国际范围内推出，初步结果令人鼓舞。使用 P-Max 资产生成的广告商更有 63%的可能性发布具有良好或优秀广告强度的广告系列。将 P-Max 广告强度提升至优秀的广告商平均看到 6%的额外转化。我们还为选择自动生成资产的企业带来了改善的结果，这些资产由 Gen AI 提升。采用 ACA 的企业在搜索和 Performance Max 广告系列中平均看到 5%的额外转化，成本相似。然后是 Demand Gen。广告商喜欢它与新老客户互动的能力，并在 YouTube、Shorts、Gmail 和 Discover 等最具沉浸感和视觉效果的触点上推动购买考虑。 好莱坞电影和电视制片厂狮门影业与 Horizon Media 合作，测试了哪种广告活动类型能为其《饥饿游戏》、《歌鸟与蛇》电影带来最多的购票页面浏览量。在为期三周的测试中，需求生成明显比社交基准更高效，点击成本高效率提高了 85%，每个页面浏览的成本高效率提高了 96%。狮门影业随后为两部新片推出了需求生成广告。

We're also bringing new creative features to Demand Gen. Earlier this month, we announced new generative image tools to help advertisers create high quality assets in a few steps with a few simple prompts. This will be a win for up-leveling visual storytelling and testing creative concepts more efficiently. And then there's obviously Search generative experience, which Sundar talked about. I'll add that innovation in the user experience on Search has historically opened up new opportunities for advertisers. We saw this when we successfully navigated from desktop to mobile. We're continuing to experiment with new ad formats, including search and shopping ads alongside search results in SGE. And we shared in March how folks are finding ads either above or below the SGE results helpful. We're excited to have a solid baseline to keep innovating on and confident in the role SGE, including ads, will play in delighting users and expanding opportunities to meet user needs. Which brings me to Search and our strong performance in the first quarter.

我们还将为需求生成带来新的创意功能。本月早些时候，我们宣布了新的生成图像工具，帮助广告商通过几个简单提示快速创建高质量资产。这将有助于提升视觉叙事水平，更高效地测试创意概念。当然，还有 Sundar 谈到的搜索生成体验。我要补充的是，搜索用户体验方面的创新历史上为广告商开辟了新机会。我们在成功地从桌面过渡到移动端时就看到了这一点。我们将继续尝试新的广告格式，包括在 SGE 中的搜索和购物广告与搜索结果一起展示。我们在三月份分享了人们如何发现位于 SGE 结果上方或下方的广告有所帮助。我们对保持创新的坚实基础感到兴奋，并对 SGE（包括广告）在让用户满意和扩大满足用户需求的机会方面发挥的作用充满信心。这让我想到了搜索和我们在第一季度的强劲表现。

In Q1, retail was again a top contributor. Our focus remains on driving profitability and growth for retailers, helping them optimize digital performance for both online and offline, as well as innovate across our shopping and merchant experiences. Highlights include continued upsides for retailers, leading into agile budget and bidding strategies across Search, P-Max, or both. Take Home Goods retailer IKEA, who leaned into Google's store sales measurement to understand its total omnichannel revenue opportunity across Search. By measuring 2.3x more revenue and using value-based bidding solutions to bid to its omnichannel customers, IKEA drove a significant increase in Omni revenue in Q1 and is now scaling this strategy globally. We also expanded local inventory ads into 23 countries, helping drive shopper confidence and offline sales. Retailers can convert intent into action by showcasing in-store availability, pricing, pickup options, and more all in one ad format.

在第一季度，零售再次成为主要贡献者。我们的重点仍然是为零售商推动盈利能力和增长，帮助他们优化线上和线下的数字表现，以及在我们的购物和商家体验中进行创新。亮点包括持续为零售商带来正面影响，引领搜索、P-Max 或两者之间的敏捷预算和出价策略。以家居用品零售商宜家为例，它利用谷歌的店铺销售测量来了解其在搜索领域的全渠道收入机会。通过测量 2.3 倍的收入，并利用基于价值的出价解决方案为全渠道客户出价，宜家在第一季度实现了全渠道收入的显著增长，并正在全球范围内扩展这一策略。我们还将本地库存广告扩展到了 23 个国家，帮助提升购物者的信心和线下销售。零售商可以通过展示店内供货情况、定价、提货选项等内容，将意图转化为行动，全部呈现在一个广告格式中。

Moving to YouTube. Last quarter, I went deep into our strategy. It all starts with creation, which drives viewership, which leads to monetization. A few updates to build on Sundar's remarks. First, creation, which is all about giving creators the tools to create amazing content, grow their audiences, and build their businesses. In 2023, more people created content on YouTube than ever before, and the number of channels uploading shorts year-on-year grew 50%. We also hit a new milestone with 3 million plus channels in our YouTube Partner Program. We recently shared that YPP has paid out more than any other creator monetization platform, including over 70 billion to creators, artists, and media companies over the last three years. From a viewer's perspective, watch time across YouTube continues to grow, with strength in both shorts and CTV. According to Nielsen, YouTube has been the leader in U.S. streaming watch time for the last 12 plus months. In the first quarter, living room benefited from a combination of strong watch time growth, innovation in the user and advertiser experience, and a shift in brand advertising budgets from linear TV to YouTube. Viewers are watching YouTube because they expect to access everything in one place across screens and formats, their favorite creators, live sports, breaking news, educational content, movies, music, and more. And advertisers continue to lean in to find audiences they can't find elsewhere. Which brings me to monetization.

转向 YouTube。上个季度，我深入研究了我们的战略。一切始于创作，推动观众数量，带来变现。根据桑达的讲话，做了一些更新。首先是创作，这一切都是为了给创作者提供创作精彩内容的工具，扩大他们的受众群，发展他们的业务。2023 年，比以往任何时候都有更多的人在 YouTube 上创作内容，上传短视频的频道数量同比增长了 50%。我们的 YouTube 合作伙伴计划中的频道数量也达到了新的里程碑，超过 300 万。我们最近分享了 YouTube 合作伙伴计划向创作者、艺术家和媒体公司支付的金额超过了任何其他创作者变现平台，过去三年支付给创作者、艺术家和媒体公司的金额超过了 700 亿。从观众的角度来看，YouTube 上的观看时间持续增长，短视频和 CTV 都表现强劲。根据尼尔森的数据，YouTube 在过去 12 个月中一直是美国流媒体观看时间的领导者。在第一季度，客厅受益于观看时间的强劲增长、用户和广告体验的创新，以及品牌广告预算从线性电视转向 YouTube。 观众正在观看 YouTube，因为他们希望能够在一个地方跨屏幕和格式访问所有内容，包括他们喜爱的创作者、现场体育赛事、突发新闻、教育内容、电影、音乐等等。而广告商继续倾向于寻找在其他地方找不到的观众。这就引出了赚钱的问题。

We're pleased with our Q1 performance across both our ad-supported and subscription offerings. Sundar covered subscription growth. On the ads front, direct and brand were both strong this quarter. Shorts monetization continued to improve, with shorts ads now supported on mobile, tablet, living room, and desktop, and available to both performance and brand advertisers. In the U.S., the monetization rate of shorts relative to in-stream viewing has more than doubled in the past 12 months, including a 10-point sequential improvement in the first quarter alone. Just last week, we introduced new ways for brands to get the most out of their shorts ads with new lineups on YouTube Select, including sports, beauty, fashion and lifestyle, and entertainment. For YouTube advertisers, increasing brand lift is one of the core goals. In Q1, we saw strong traction from the introduction of a Pause Ads pilot on connected TVs, a new non-interruptive ad format that appears when users pause their organic content. Initial results show that Pause Ads are driving strong brand lift results and are commanding premium pricing from advertisers.

我们对我们的广告支持和订阅服务在第一季度的表现感到满意。桑达谈到了订阅增长。在广告方面，本季度直接广告和品牌广告都表现强劲。短视频的变现继续改善，现在短视频广告已支持移动设备、平板电脑、客厅和台式电脑，并可供绩效和品牌广告客户使用。在美国，与流媒体观看相比，短视频的变现率在过去 12 个月内翻了一番，仅在第一季度就连续提高了 10 个百分点。就在上周，我们推出了新的方式，让品牌在 YouTube Select 上获得他们的短视频广告最大化，包括体育、美容、时尚与生活方式以及娱乐等新的推荐。对于 YouTube 广告客户来说，提高品牌影响力是其中的核心目标之一。在第一季度，我们看到了连接电视上暂停广告试点的强劲表现，这是一种新的非打断式广告格式，当用户暂停他们的有机内容时出现。初步结果显示，暂停广告正在带来强劲的品牌提升效果，并且正在从广告客户那里获得高价定价。

Before I wrap, two quick highlights on how we're helping our partners transform and accelerate impact with the best across Google. Number one, to help McDonald's build the restaurant of the future, we're deepening our partnership across Cloud and Ads. Part of this includes them connecting Google Cloud's latest hardware and data technologies across restaurants globally and starting to apply Gen AI to enhance its customer and employee experiences. Number two, WPP. At Google Cloud Next, we announced a new collaboration that will redefine marketing through the integration of our Gemini models with WPP Open. WPP's AI-powered marketing operating system already used by more than 35,000 of its people and adopted by key clients, including the Coca -Cola company, L 'Oreal, and Nestle. We're just getting started here and excited about the innovation this partnership will unlock.

在我结束之前，让我简要介绍一下我们如何帮助合作伙伴利用谷歌的最佳资源进行转型和加速影响。首先，为了帮助麦当劳打造未来的餐厅，我们正在加深在云和广告领域的合作伙伴关系。其中一部分包括让他们在全球各地的餐厅中连接谷歌云最新的硬件和数据技术，并开始应用 Gen AI 来增强其客户和员工体验。其次，WPP。在谷歌云 Next 大会上，我们宣布了一项新的合作计划，通过将我们的 Gemini 模型与 WPP Open 集成，重新定义营销。WPP 的人工智能营销操作系统已经被超过 35,000 名员工使用，并被可口可乐公司、欧莱雅和雀巢等重要客户采用。我们才刚刚开始，对这种合作将带来的创新感到兴奋。

With that, a huge thank you to our customers and partners, many of whom we're excited to see at Google Marketing Live and Brand cast in just a few weeks. And a huge thank you, as always, to our incredible teams for their agility and hard work this quarter. Ruth, you're up.

因此，我们要向我们的客户和合作伙伴表示衷心的感谢，很高兴在短短几周内在 Google 营销大会和品牌发布会上见到许多人。一如既往，我们要向我们不可思议的团队表示衷心的感谢，感谢他们在本季度的敏捷和辛勤工作。Ruth，轮到你了。

Ruth Porat 鲁思·波拉特

Thank you, Philip. We are very pleased with our financial results for the first quarter, driven in particular by strength in Search and Cloud, as well as the ongoing efforts to durably re-engineer our cost base. My comments will be on year-over-year comparisons for the first quarter, unless I state otherwise. I will start with results at the Alphabet level, followed by segment results, and conclude with our outlook. For the first quarter, our consolidated revenues were $80.5 billion, up 15%, or up 16% in constant currency. Search remained the largest contributor to revenue growth. In terms of total expenses, the year-on-year comparisons reflect the impact of the restructuring charges we took in the first quarter of 2023 of $2.6 billion, as well as the $716 million in employee severance and related charges in the first quarter of 2024. As you can see in our earnings release, these charges were allocated across the expense lines and other cost of revenues and OpEx based on associated headcount. To help with year-on-year comparisons, we included a table in our earnings release to adjust other cost of revenues, operating expenses, operating income, and operating margin to exclude the impact of severance and related office space charges in the first quarter of 2023 versus 2024.

感谢，菲利普。我们对第一季度的财务业绩感到非常满意，特别是由搜索和云业务的增长推动，以及持续努力稳固重塑成本基础。我的评论将主要针对第一季度的同比数据，除非我另有说明。我将从Alphabet级别的结果开始，然后是各业务板块的结果，最后是我们的展望。第一季度，我们的综合收入为 805 亿美元，同比增长 15%，在恒定汇率下增长 16%。搜索仍然是收入增长的最大贡献者。在总支出方面，同比数据反映了我们在 2023 年第一季度承担的 26 亿美元重组费用的影响，以及 2024 年第一季度 7.16 亿美元的员工裁员和相关费用。正如您在我们的收益发布中所看到的，这些费用根据相关人数分配到支出线和其他成本以及运营支出。 为了帮助进行年度对比，我们在财报中包含了一张表格，用于调整 2023 年第一季度与 2024 年的其他营收成本、营业费用、营业收入和营业利润，以排除裁员和相关办公空间费用的影响。

In terms of expenses, total cost of revenues was $33.7 billion, up 10%. Other cost of revenues was $20.8 billion, up 10% on a reported basis, with the increase driven primarily by content acquisition costs associated with YouTube, given the very strong revenue growth in both subscription offerings and ad-supported content. On an adjusted basis, other cost of revenues was up 13% year-on-year. Operating expenses were $21.4 billion, down 2% on a reported basis, primarily reflecting expense decreases in sales and marketing and G&A, offset by an increase in R&D. The largest single factor in the year-on-year decline in G&A expenses was lower charges related to legal matters. On an adjusted basis, operating expenses were up 5%, reflecting first in R&D an increase in compensation expense primarily for Google DeepMind and Cloud, and second in sales and marketing a slight increase year-on-year, reflecting increases in compensation expense primarily for Cloud sales. Operating income was $25.5 billion, up 46% on a reported basis, and our operating margin was 32%. On an adjusted basis, operating income was up 31%, and our operating margin was 33%. Net income was $23.7 billion, and EPS was $1.89. We delivered free cash flow of $16.8 billion in the first quarter and $69.1 billion for the trailing 12 months. We ended the quarter with $108 billion in cash and marketable securities.

就费用而言，总营收成本为 337 亿美元，增长 10%。其他营收成本为 208 亿美元，按报告基础增长 10%，增长主要受 YouTube 相关内容获取成本的推动，由于订阅服务和广告支持内容的收入增长非常强劲。按调整后的基础，其他营收成本同比增长 13%。运营费用为 214 亿美元，按报告基础下降 2%，主要反映销售和营销以及总务费用的减少，部分抵消了研发支出的增加。总务费用同比下降的最大单一因素是与法律事务相关的费用减少。按调整后的基础，运营费用增长 5%，首先在研发方面，主要是 Google DeepMind 和 Cloud 的薪酬支出增加，其次在销售和营销方面，同比略有增加，主要反映云销售的薪酬支出增加。运营收入为 255 亿美元，按报告基础增长 46%，我们的运营利润率为 32%。按调整后的基础，运营收入增长 31%，我们的运营利润率为 33%。净收入为 237 亿美元，每股收益为 1.89 美元。 我们在第一季度实现了 168 亿美元的自由现金流，过去 12 个月为 691 亿美元。我们以 1080 亿美元的现金和可变现证券结束了本季度。

Turning to segment results, within Google services, revenues were $70.4 billion, up 14%. Google Search and other advertising revenues of $46.2 billion in the quarter were up 14%. Let again by growth in retail. YouTube advertising revenues of $8.1 billion were up 21%, driven by both direct response and brand advertising. Network advertising revenues of $7.4 billion were down 1%. Subscriptions, platforms, and devices revenues were $8.7 billion, up 18%, primarily reflecting growth in YouTube subscription revenues. TAC was $12.9 billion, up 10%. Google services operating income was $27.9 billion, up 28%, and the operating margin was 40%.

转向细分业绩，谷歌服务中的营收为 704 亿美元，增长 14%。本季度谷歌搜索和其他广告营收为 462 亿美元，增长 14%。再次受到零售增长的推动。YouTube 广告营收为 81 亿美元，增长 21%，受直接响应和品牌广告的推动。网络广告营收为 74 亿美元，下降 1%。订阅、平台和设备营收为 87 亿美元，增长 18%，主要反映了 YouTube 订阅营收的增长。TAC 为 129 亿美元，增长 10%。谷歌服务营业利润为 279 亿美元，增长 28%，营业利润率为 40%。

Turning to the Google Cloud segment, revenues were $9.6 billion for the quarter, up 28%, reflecting significant growth in GCP with an increasing contribution from AI and strong Google workspace growth, primarily driven by increases in average revenue per seat. Google Cloud delivered operating income of $900 million and an operating margin of 9%. As to our Other Bets for the first quarter, revenues were $495 million, benefiting from a milestone payment in one of the Other Bets. The operating loss was $1 billion.

转向 Google Cloud 部分，本季度收入为 96 亿美元，增长 28%，反映出 GCP 的显著增长，AI 的贡献不断增加，以及 Google Workspace 的强劲增长，主要受益于每个用户的平均收入增加。Google Cloud 的营业利润为 9 亿美元，营业利润率为 9%。至于我们在第一季度的其他投注，收入为 4.95 亿美元，其中一项其他投注获得了一笔里程碑性付款。营业亏损为 10 亿美元。

Turning to our outlook for the business, with respect to Google Services, first within advertising, we are very pleased with the momentum of our ads businesses. Search had broad-based strength across verticals. In YouTube, we had acceleration and revenue growth driven by brand and direct response. Looking ahead, two points to call out. First, results in our advertising business in Q1 continued to reflect strength and spend from APAC-based retailers, a trend that began in the second quarter of 2023 and continued through Q1, which means we will begin lapping that impact in the second quarter. Second, the YouTube acceleration in revenue growth in Q1 reflects, in part, lapping the negative year-on-year growth we experienced in the first quarter of 2023.

转向我们对业务的展望，关于谷歌服务，首先在广告方面，我们对我们的广告业务的势头感到非常满意。搜索在各个垂直领域都表现出了广泛的实力。在 YouTube 上，由品牌和直接响应驱动的加速和收入增长。展望未来，需要指出两点。首先，我们在 Q1 的广告业务结果继续反映出来自亚太地区零售商的实力和支出，这一趋势始于 2023 年第二季度，并持续到 Q1，这意味着我们将在第二季度开始超越这种影响。其次，Q1 YouTube 收入增长的加速部分反映了我们在 2023 年第一季度经历的负面同比增长的超越。

Turning to subscriptions, platforms, and devices, we continue to deliver significant growth in our subscriptions business, which drives the majority of revenue growth in this line. The sequential quarterly decline in year-on-year revenue growth for the line in Q1 versus Q4 reflects, in part, the fact that we had only one week of Sunday ticket subscription revenue in Q1 versus 14 weeks in Q4. Looking forward, we will anniversary last year's price increase in YouTube TV starting in May. With regard to platforms, we are pleased with the performance and play driven by an increase in buyers. With respect to Google Cloud, performance in Q1 reflects strong demand for our GCP infrastructure and solutions, as well as the contribution from our workspace productivity tools. The growth we are seeing across Cloud is underpinned by the benefit AI provides for our customers. We continue to invest aggressively while remaining focused on profitable growth. As we look ahead, two points that will affect sequential year-on-year revenue growth comparisons across Alphabet. First, Q1 results reflect the benefit of leap year, which contributed slightly more than one point to our revenue growth rate at the consolidated level in the first quarter. Second, at current spot rates, we expect a larger headwind from foreign exchange in Q2 versus Q1.

转向订阅、平台和设备，我们继续在订阅业务中实现显著增长，这推动了该业务线中大部分收入增长。与去年同期相比，Q1 与 Q4 之间的年度收入增长环比下降部分原因在于，Q1 中我们只有一周的周日订阅收入，而 Q4 中有 14 周。展望未来，我们将在 5 月开始纪念去年 YouTube TV 的价格上涨。关于平台，我们对表现和受买家增加推动的情况感到满意。至于 Google Cloud，在 Q1 的表现反映出我们的 GCP 基础设施和解决方案的强劲需求，以及我们的工作空间生产力工具的贡献。我们在云端看到的增长得益于 AI 为客户提供的好处。我们将继续积极投资，同时专注于盈利增长。展望未来，两个将影响Alphabet跨年度收入增长环比的因素。 首先，Q1 的结果反映了闰年的好处，在第一季度在综合水平上对我们的收入增长率贡献了略高于一个百分点。其次，在当前现货汇率下，我们预计 Q2 与 Q1 相比，外汇将对我们造成更大的阻力。

Turning to margins, our efforts to durably re-engineer our cost base are reflected in a 400 basis point expansion of our Alphabet operating margin year-on-year, excluding the impact of restructuring and severance charges in both periods. You can also see the impact in the quarter-on-quarter decline in headcount in Q1, which reflects both actions we have taken over the past few months and a much slower pace of hiring. As we have discussed previously, we are continuing to invest in top engineering and technical talent, particularly in Cloud, Google DeepMind, and technical infrastructure. Looking ahead, we remain focused on our efforts to moderate the pace of expense growth in order to create capacity for the increases in depreciation and expenses associated with the higher levels of investment in our technical infrastructure. We believe these efforts will enable us to deliver full-year 2024 Alphabet operating margin expansion relative to 2023. With respect to CapEx, our reported CapEx in the first quarter was $12 billion, once again driven overwhelmingly by investment in our technical infrastructure with the largest component for servers followed by data centers. The significant year-on-year growth in CapEx in recent quarters reflects our confidence in the opportunities offered by AI across our business. Looking ahead, we expect quarterly CapEx throughout the year to be roughly at or above the Q1 level, keeping in mind that the timing of cash payments can cause variability in quarterly reported CapEx.

转向利润率，我们对持久地重新调整成本基础的努力体现在我们的Alphabet营运利润率同比扩张了 400 个基点，排除了两个时期的重组和离职费用的影响。您还可以在第一季度人数下降的季度对季度影响中看到，这反映了我们过去几个月采取的行动以及招聘速度明显放缓。正如我们之前讨论过的，我们将继续投资于顶尖工程和技术人才，特别是在云计算、Google DeepMind 和技术基础设施方面。展望未来，我们将继续专注于努力控制费用增长的速度，以便为我们在技术基础设施方面的投资增加所带来的折旧和费用增加创造空间。我们相信这些努力将使我们能够实现 2024 年全年Alphabet营运利润率相对于 2023 年的扩张。至于资本支出，我们第一季度报告的资本支出为 120 亿美元，再次主要是由对技术基础设施的投资驱动，其中最大的组成部分是服务器，其次是数据中心。 最近几个季度资本支出的显著同比增长反映了我们对人工智能在业务各个领域带来的机遇的信心。展望未来，我们预计全年各个季度的资本支出大致将维持在或高于第一季度水平，需要注意的是，现金支付的时间可能导致季度报告的资本支出出现变化。

With regard to Other Bets, we similarly have work streams underway to enhance overall returns. Finally, as I trust you saw in the press release, we are very pleased to be adding a quarterly dividend of $0.20 per share to our capital return program, as well as a new $70 billion authorization and share repurchases. The core of our capital allocation framework remains the same, beginning with investing aggressively in our business, as you have heard us talk about today, given the extraordinary opportunities ahead. We view the introduction of the dividend as further strengthening our overall capital return program. Thank you. Sundar, Phillip and I will now take your questions.

关于其他投注，我们同样正在进行工作流程以增强整体回报。最后，正如我相信您在新闻稿中看到的那样，我们非常高兴地宣布将每股 0.20 美元的季度股息纳入我们的资本回报计划，以及新的 700 亿美元授权和股票回购。我们的资本配置框架的核心仍然保持不变，首先是积极投资于我们的业务，正如您今天听到我们谈论的那样，鉴于前方的非凡机遇。我们认为引入股息将进一步加强我们的整体资本回报计划。谢谢。Sundar、Phillip 和我现在将回答您的问题。

Question-and-Answer Session

问答环节

Operator 操作员

[Operator Instructions] 【操作员指示】

And our first question comes from Brian Nowak with Morgan Stanley.

我们的第一个问题来自摩根士丹利的 Brian Nowak。

Brian Nowak 布莱恩·诺瓦克

Great. Thanks for taking my question. I have two. The first one, I wanted to ask about overall Search behavior. Phillip, I know you talked in the past about how overall query trends continue to grow. Can I ask you to drill a little bit more into monetizable and commercial query trends? Has there ever been any changes in sort of your commercial query trends growth? There's just been all these new entrants moving around on e-commerce is my first one.

太好了。感谢您回答我的问题。我有两个问题。首先，我想问一下整体搜索行为。菲利普，我知道您过去谈到过整体查询趋势持续增长。我能请您深入探讨一下可商业化和商业化查询趋势吗？您的商业查询趋势增长方面是否有任何变化？在电子商务领域出现了许多新进入者，这是我的第一个问题。

And the second one, for Ruth, when you talked about sort of more efforts to moderate expense growth from here, can you just sort of give us some examples of areas where you still see the potential for more optimization or work streams in place to continue to generally re-engineer the OpEx space as we go through our 2024? Thanks.

第二个问题是关于鲁思的，当您谈到从现在开始更加努力控制支出增长时，您能否举例说明仍然存在哪些领域可以进一步优化或者已经有工作流程在进行，以便在我们进行 2024 年的过程中继续对 OpEx 空间进行重新设计？谢谢。

Philipp Schindler 菲利普·辛德勒

Thanks Brian. To your first question, look, I think broadly, we've always found that over many years when things will work well on the organic side, monetization follows. So typically, the trends we see carry over well. Overall, I think with generative AI in Search, with our AI overviews, we are definitely, I think we will expand the type of queries we can serve our users. We can answer more complex questions as well. And in general, that all seems to carry over across query categories. Obviously, it's still early and we are going to be measured and put user experience at front. But we are positive about what this transition means.

谢谢 Brian。对于你的第一个问题，我认为总的来说，多年来我们一直发现，当有机一面运作良好时，货币化就会跟随。因此，我们通常看到的趋势会很好地延续下去。总的来说，我认为在搜索中使用生成式人工智能，结合我们的人工智能概述，我们肯定会扩大我们可以为用户提供的查询类型。我们也可以回答更复杂的问题。总的来说，这一切似乎都会延续到各种查询类别。显然，现在还为时过早，我们将会谨慎行事，并将用户体验放在首位。但我们对这种转变的意义持乐观态度。

Ruth Porat 鲁思·波拉特

And on the second question in terms of the various org streams, as both Sundar and I said, we remain very focused on ongoing efforts to slow the pace of expense growth, what we've been calling durably reengineering our cost base. And I made this point in opening comments, but we are very cognizant of the increasing headwind we have from higher depreciation and expenses associated with the higher CapEx. And so these efforts are ongoing. And they're very much the same that we've talked with you about previously. It starts with product and process prioritization, all of the work around organizational efficiency and structure. These are ongoing. And so as an example, the work that Sundar talked about combining devices and services with our platforms and ecosystems, product area is a really good example because unifying the teams not only helps us deliver higher quality products and experiences, but we think it enables us to move with greater velocity and efficiency.

在各种组织流中的第二个问题上，正如桑达和我所说的，我们仍然非常专注于减缓费用增长的努力，我们一直称之为持久性地重新设计我们的成本基础。我在开场白中提到了这一点，但我们非常清楚，由于更高的折旧和与更高资本支出相关的费用增加，我们面临着越来越大的逆风。因此，这些努力正在进行中。这些努力与我们之前与您讨论过的内容非常相似。它始于产品和流程优先级确定，所有围绕组织效率和结构的工作。这些工作正在进行中。因此，正如桑达所谈到的将设备和服务与我们的平台和生态系统结合的工作是一个很好的例子，因为统一团队不仅有助于我们提供更高质量的产品和体验，而且我们认为它使我们能够更具速度和效率地前进。

And then the other work streams we've talked to you about in the past, like all of the work around technical infrastructure, which Sundar alluded to, streamlining operations within the company through the use of AI, what we're doing with procurement with our suppliers and vendors, which he also referenced, the work you've seen on real estate optimization. These are all ongoing work streams, which is why we have them under the umbrella, durably reengineering our cost base, and they are ongoing.

然后，我们过去与您讨论过的其他工作流，比如所有围绕技术基础设施展开的工作，正如桑达所暗示的，通过使用人工智能简化公司内部运营，我们与供应商和供应商合作的采购工作，正如他也提到的，您在房地产优化方面看到的工作。这些都是正在进行的工作流，这就是为什么我们将它们归入“持久地重新设计我们的成本基础”的大伞下，它们是持续进行的。

Operator 操作员

Our next question comes from Doug Anmuth with JPMorgan.

我们下一个问题来自摩根大通的道格·安穆斯。

Doug Anmuth 道格·安姆斯特

Thanks for taking the questions. Sundar, you talked about bringing more generative AI features into the main Search page. Can you just talk about what kind of queries or scenarios you think that that's working best for so far and just how we should think about the cadence of continuing to adopt more of those features within core Search?

谢谢您回答问题。桑达尔，您谈到将更多生成式人工智能功能引入主搜索页面。您能谈谈到目前为止哪种查询或场景最适合这样的功能，以及我们应该如何考虑继续在核心搜索中采用更多这些功能的频率？

And then, Ruth, on CapEx spending the $12 billion in 1Q, can we assume that run rating that and above is reasonable for this year? And I know it's very early, but should we generally expect higher CapEx next year as well?

然后，鲁思，在第一季度支出 120 亿美元的资本支出方面，我们可以假设这个水平及以上对今年来说是合理的吗？我知道现在还为时过早，但明年我们是否也应该预计更高的资本支出？

Philipp Schindler 菲利普·辛德勒

Thanks, Doug. On SGE in Search, look, I think it tends to really, we're seeing early confirmation of our thesis that this will expand the universe of queries where we are able to really provide people with a mix of factual answers, a link to sources across the web and bring a variety of perspectives, all in an innovative way. And we've been rolling out AIO views in the US and UK, trying to mainly tackle queries which are more complex, where we think the SGE will clearly improve the experience. We've already served billions of queries. And it seems to cut across categories, but we are still continuing our testing. And we'll keep, we are metrics-driven in these areas. And so we'll, but I am optimistic that it clearly improves the user experience. Users are telling us that, and we are seeing it in our metrics. And we'll continue evolving it through the course of this year.

谢谢，道格。在 SGE 搜索中，我认为它往往真的，我们正在早期证实我们的论点，这将扩大我们能够为人们提供一系列事实答案、链接到网络上各种来源并以创新方式呈现各种观点的查询范围。我们已在美国和英国推出了 AIO 视图，试图主要解决更复杂的查询，我们认为 SGE 显然会改善体验的查询。我们已经处理了数十亿个查询。它似乎涉及各个类别，但我们仍在继续测试。我们将继续在这些领域进行指标驱动的工作。我对它明显改善用户体验感到乐观。用户告诉我们，我们在指标中也看到了这一点。我们将在今年继续通过不断发展它。

Ruth Porat 鲁思·波拉特

And then in terms of CapEx, as I said in opening comments, we do expect the quarterly CapEx throughout the year to be roughly at or above the $12 billion cash CapEx we had here in Q1. As I said, you can always have variability in the reported quarterly CapEx just due to the timing of cash payments, but roughly at or above this level. And it really goes to Sundar's comment, opening comment, that we're very committed to making the investments required to keep us at the leading edge in technical infrastructure to support the growth in Cloud, all the innovation and search that he and Philip have spoken about and our lead with Gemini. I will note that most nearly all, I should say, of the CapEx was in our technical infrastructure. We expect that our investment in office facilities will be about less than 10% of the total CapEx in 2024, roughly flat with our CapEx in 2023, but is still there. And then with respect to 2025, as you said, it's premature to comment, so nothing to add on that.

就资本支出而言，正如我在开场白中所说的，我们预计全年的季度性资本支出将大致达到或超过我们在第一季度的 120 亿美元现金资本支出。正如我所说，由于现金支付的时间安排，报告的季度性资本支出可能会有一定的波动，但大致会达到或超过这个水平。这实际上与桑达尔的开场白中所说的一致，我们非常致力于进行必要的投资，以使我们在技术基础设施方面保持领先地位，以支持云增长、所有创新和搜索，他和菲利普已经谈到的以及我们在天秤座方面的领先地位。我要指出的是，几乎所有的资本支出都用于我们的技术基础设施。我们预计，我们在办公设施方面的投资将占 2024 年总资本支出的不到 10%，与 2023 年的资本支出大致持平，但仍然存在。至于 2025 年，正如您所说，现在谈论还为时过早，因此暂无其他评论。

Operator 操作员

Our next question comes from Eric Sheridan with Goldman Sachs.

我们下一个问题来自高盛的 Eric Sheridan。

Eric Sheridan 埃里克·谢里登

Thanks so much. Maybe just one question of the big picture in nature for Sundar. If we come back to your earlier comments at the beginning of the call and framing up longer-term initiatives and longer-term narratives. I wanted to know if you could talk a little bit about both the opportunities and the challenges of operating at scale in a time like this where there's a lot of technology innovation going on and how you see the elements of trying to strike a balance towards moving the organization forward while still continuing to both invest for growth as well as balance margins. Thanks so much.

非常感谢。也许只有一个关于大自然中整体情况的问题要问 Sundar。如果我们回到您在通话开始时的早期评论，并构建长期倡议和长期叙述。我想知道您是否能稍微谈谈在这样一个科技创新频繁的时期中以规模运营的机遇和挑战，以及您如何看待在努力推动组织前进的同时，如何努力寻求在继续投资增长的同时保持利润率平衡的要素。非常感谢。

Sundar Pichai 桑达尔·皮查伊

Thanks, Eric. Great question. Obviously, I think the AI transition, I think it's a once in a generation kind of an opportunity. We've definitely been gearing up for this for a long time. You can imagine we started building TPUs in 2016. So we've definitely been gearing up for a long time. The real opportunities we see is the scale of research and innovation which we have built up and are going to continue to deliver. I think for the first time, we can work on AI in a horizontal way and it impacts the entire breadth of the company, be it Search, be it YouTube, be it Cloud, be it Waymo, and so on, and we see rapid pace of innovation in that underlying. So it's a very leveraged way to do it, and I see that as a real opportunity ahead. In terms of the challenges, I think making sure, I think we are constantly, I think it's been a mindset shift which we've been driving across the company to make sure that we are embracing this opportunity, but being very efficient in how we are approaching it, making sure we are redirecting our people to the highest priorities across the company, building on our 20 years of experience and driving machine efficiencies year-on-year so that we can put our dollars to work as efficiently as possible. So making sure, balancing all of that, moving forward in a very bold and responsible way at the same time, those are the important things to get right from my perspective.

谢谢，埃里克。很棒的问题。显然，我认为人工智能的转变，我认为这是一次千载难逢的机遇。我们确实已经为此做好了长时间的准备。你可以想象我们从 2016 年开始建造 TPU。所以我们确实已经做好了长时间的准备。我们看到的真正机会在于我们已经建立起来并将继续提供的研究和创新规模。我认为这是第一次，我们可以以一种横向的方式来开展人工智能工作，它影响到公司的整个广度，无论是搜索、YouTube、云端、Waymo 等等，我们看到了底层创新的快速步伐。因此，这是一种非常具有杠杆效应的方式来做，我认为这是一个真正的机遇。 就挑战而言，我认为确保我们不断地，我认为这已经是一种我们一直在公司内推动的思维转变，以确保我们抓住这个机会，但在我们处理问题时非常高效，确保我们将人员重新调配到公司各个最重要的优先事项上，借鉴我们 20 年的经验，并年复一年地提高机器效率，以便我们能够尽可能高效地利用我们的资金。因此，确保在同一时间内平衡所有这些，以一种大胆而负责任的方式向前迈进，这些是我认为需要正确处理的重要事项。

Operator 操作员

Our next question comes from Stephen Ju with UBS.

我们下一个问题来自瑞银的 Stephen Ju。

Stephen Ju 史蒂芬·朱

All right, thank you so much. So hi, Philip. I think it's approaching the two-year anniversary for the launch of ads on YouTube Shorts. And I think you've given us an update on monetization pickup sequentially. But with that in mind, I think YouTube has launched an array of ad products and automation tools to help advertisers transfer what they're doing to the vertical screen. So how is this translating into buy-in among your advertiser clients?

好的，非常感谢。嗨，菲利普。我想 YouTube Shorts 广告推出已接近两周年纪念日。我记得您已经给我们提供了有关逐步推广的更新。但考虑到这一点，我认为 YouTube 已推出了一系列广告产品和自动化工具，以帮助广告客户将他们的活动转移到垂直屏幕上。那么，这如何转化为您的广告客户的认可？

And secondly, based on what you've seen over the last two years, are there any structural reasons that you can cite as to why the monetization cannot match what is already the case on the horizontal screen? Thanks.

其次，根据您在过去两年中所见，您能否指出任何结构性原因，解释为什么移动端的货币化无法与水平屏幕上已经存在的情况相匹配？谢谢。

Philipp Schindler 菲利普·辛德勒

Yes, look, this is a great question. First of all, I mean, it started with the fact that YouTube performance was very strong in this quarter. And on Shorts, specifically in the US, I mentioned how the monetization rate of Shorts relative to in-stream viewing has more than doubled in the last 12 months. I think that's what you were referring to. And yes, we're obviously very happy with this development. The way to think about it is advertisers really only spend with us when they see a positive ROI. So you can assume that this wouldn't be happening unless it were to work for advertisers in the short term and also in the long term. That's an important part, I think. Overall, Shorts is a long-term bet for the business. It has really helped us respond to both creator and viewer demand for short-form video. We talked about the strong growth, averaging 70 billion daily views. I mentioned the number of channels uploading has increased 50% year-over-year. So again, I'm very happy with this development.

是的，看，这是一个很好的问题。首先，我的意思是，YouTube 在本季度的表现非常强劲。而在短视频方面，特别是在美国，我提到了过去 12 个月内短视频的变现率相对于流媒体观看已经翻了一番。我想这就是你所指的。是的，我们显然对这一发展非常满意。要考虑的方式是，广告主只有在看到积极的投资回报时才会与我们合作。因此，你可以假设，除非对广告主在短期和长期内都有效，否则这种情况是不会发生的。我认为这是一个重要的部分。总的来说，短视频对业务来说是一个长期的赌注。它真的帮助我们满足了创作者和观众对短视频的需求。我们谈到了强劲增长，平均每天有 700 亿次观看。我提到上传视频的频道数量同比增长了 50%。所以，我对这一发展非常满意。

And to your question, structural reasons whether we can't get to a match here, I have a hard time seeing those at the moment over time.

对于你的问题，关于我们是否无法在这里达成一致的结构性原因，我目前很难在短时间内看到这些。

Operator 操作员

Our next question comes from Justin Post with Bank of America.

我们下一个问题来自美国银行的贾斯汀·波斯特。

Justin Post  贾斯汀·波斯特

Hey. Thank you. I'm going to ask another one about CapEx. It seems to be your biggest investment area. Just first, you saw the big uptick the last two quarters, but you've been investing in AI for years. Is the uptick because supply is getting easier to get, or do you see more opportunities with the available supply to really fuel AI? So, has the GPUs and everything gotten better that you feel more investing more?

嘿。谢谢。我要问一个关于资本支出的问题。这似乎是您最大的投资领域。首先，您在过去两个季度看到了大幅增长，但您多年来一直在投资人工智能。这种增长是因为供应变得更容易获得，还是您看到了更多利用现有供应来真正推动人工智能的机会？因此，是因为 GPU 和其他一切变得更好，您感觉更有投资的动力吗？

And then thinking about the returns both for advertising and cloud on the CapEx, do you feel like this is a higher cost of doing business, or do you think this is an opportunity to even get better returns on your capital spend than you've had in the past? Thank you.

然后考虑广告和云计算在资本支出方面的回报，您是否认为这是一种更高的经营成本，还是认为这是一个机会，可以获得比过去更好的资本支出回报？谢谢。

Ruth Porat 鲁思·波拉特

So, the increase in CapEx, as Sundar said and I said, really reflects the opportunity we continue to see across the company. It starts with all that we're doing in support of the foundation, all the Gemini foundation model, but then also, clearly, the work across Cloud, on behalf of Cloud customers and the growth that we're seeing with GCP and the infrastructure work there, and then, of course, as both Sundar and Philip talked about, the application across Search, YouTube, and more broadly the services that we're able to offer. So it's the growing application and our focus on ensuring that we have the compute capacity to deliver in support of the services and opportunities we see across Alphabet. And it really goes to the second part of your question, which is that as we're investing in CapEx and applying it across our various businesses, it opens up more service and products which bring revenue opportunities, and we're very focused on the monetization opportunity. It does underlie everything that we're doing in Google Services and Google Cloud. And as Sundar noted, we're at the same time very focused on the efficiency of all elements of delivering that compute capacity from hardware, software, and beyond.

所以，正如桑达尔和我所说的，CapEx 的增加确实反映了我们在整个公司持续看到的机会。这始于我们在支持基础设施方面所做的一切，Gemini 基础模型，但同时，也清楚地体现在云端的工作上，代表云客户并且我们在 GCP 和基础设施工作中看到的增长，当然，正如桑达尔和菲利普所谈到的，还有在搜索、YouTube 等方面的应用，以及我们能够提供的更广泛的服务。因此，这是应用的增长以及我们专注于确保我们有计算能力来支持我们在Alphabet看到的服务和机会。这实际上回答了您问题的第二部分，即当我们在 CapEx 上投资并将其应用于我们的各种业务时，会开辟更多的服务和产品，从而带来收入机会，我们非常专注于变现机会。这确实是我们在谷歌服务和谷歌云中所做的一切的基础。 正如桑达所指出的，我们同时非常专注于从硬件、软件以及更多方面提供计算能力的所有要素的效率。

Operator 操作员

Our next question comes from Mark Mahaney with Evercore.

我们下一个问题来自 Evercore 的 Mark Mahaney。

Jing Lee

Great. Thank you. This is Jing Lee for Mark Mahaney. A couple of questions. One, just maybe an expansion on the Search query questions from before. More like Search volume, maybe in the context of the off Google environment, like AI chatbot, for example, we've seen kind of meta AI directing to Google search results. Do you think there's actually a scenario where like AI system can create a step function change in search volume or use cases off Google? Do you think there's more color on what are you seeing right now or what are you expecting to see in that area?

太好了。谢谢。我是 Jing Lee，代表 Mark Mahaney 提问。有几个问题。首先，对之前关于搜索查询的问题进行扩展。更多是关于搜索量，可能是在谷歌之外的环境中，比如 AI 聊天机器人，例如，我们看到一种元 AI 指向谷歌搜索结果的情况。您认为是否存在一种情况，即 AI 系统能够在搜索量或谷歌之外的用例中创造一个阶跃式变化？您认为目前您看到的情况或您期望在这个领域看到的情况有更多细节吗？

And then the second question on just the comment of YouTube and Cloud exiting at $100 billion run rate. What is informing this outlook of visibility for you? If you can talk about, is it driven by any sort of Cloud demand inflection or step change in the Gemini workload demand? If you can flush it out a little bit, thanks a lot.

然后第二个问题仅涉及 YouTube 和 Cloud 退出 1000 亿美元的年收入率的评论。是什么让您对此前景有这样的可见度？如果您能谈谈，这是由云需求的任何变化或 Gemini 工作负载需求的任何重大变化推动的吗？如果您能稍微详细解释一下，非常感谢。

Sundar Pichai 桑达尔·皮查伊

On your first question, look, I said this before, but to be clear, we view this moment as a positive moment for Search, and I think it allows us to evolve our product in a profound way, and Search is a unique experience. People come and they get to, be it if you want answers, if you want to explore more, if you want to get perspectives from across the web, and to be able to do it across the breadth and depth of everything they are looking for, and the innovation you would need to keep that up. I think it's what we've been building on for a long time, and so I feel we are extraordinarily well set up, particularly given the innovation path we are on, and overall, I view this moment as a positive moment. So that's how I would say it, on the second part, Ruth.

在您的第一个问题上，看，我之前说过这个，但为了明确起见，我们认为这一刻是搜索的一个积极时刻，我认为这让我们有机会以深刻的方式发展我们的产品，搜索是一种独特的体验。人们来到这里，他们可以得到答案，探索更多，从网络中获取不同的观点，能够跨越广度和深度找到他们所寻找的一切，并且您需要的创新来持续这一切。我认为这是我们长期以来一直在构建的东西，所以我觉得我们准备得非常好，特别是考虑到我们正在走的创新道路，总的来说，我认为这是一个积极的时刻。这就是我会这样说的，关于第二部分，Ruth。

Ruth Porat 鲁思·波拉特

I'm sorry, what was the, I think the –

对不起，什么是，我想是 -

Sundar Pichai 桑达尔·皮查伊

The YouTube and cloud.

YouTube 和云。

Jing Lee

Yes, like in terms of your comment about $100 billion exit rates for YouTube and Cloud, what's driving this visibility for you, and any kind of inflection you're seeing in the cloud demand?

是的，就你提到 YouTube 和云服务的 1000 亿美元退出率而言，对你来说是什么推动了这种可见度，以及你在云需求方面看到的任何变化？

Ruth Porat 鲁思·波拉特

Oh, I would just say from Sundar's opening comments, it's just the ongoing momentum that we've seen in the business that we've been talking about, the ongoing growth, the strong performance, and so what we were really getting at in that comment, what Sundar was getting at is that we've continued to build strong businesses over time, and that just helps dimension it. We had similar comments last quarter when you talk about our subscription business. We're really proud of all the work that teams are doing across the company building new strong opportunities delivering for users, for customers, for advertisers in profound ways and so it was just helping to dimension what we have built over the years.

哦，我只想说从桑达的开场白中可以看出，我们一直在谈论的业务持续增长势头，持续增长，强劲表现，所以我们在那个评论中真正想表达的是，桑达所说的是，我们一直在不断地建立强大的业务，这有助于突显它。上一季度我们也有类似的评论，当谈到我们的订阅业务时。我们真的为公司各个团队正在做的工作感到自豪，他们正在开拓新的强大机会，以深远的方式为用户、客户和广告客户提供服务，所以这只是有助于突显我们多年来所建立的东西。

Operator 操作员

Our next question comes from Ken Gawrelski with Wells Fargo.

我们下一个问题来自富国银行的 Ken Gawrelski。

Ken Gawrelski 肯·高雷尔斯基

Thank you very much. Two, if I may. First on GCP, you had a nice acceleration in the quarter. Could you talk a little bit about the opportunities and constraints upon GCP's ability to continue to address that large addressable market and accelerate growth? Is it more sales? Is it more product of solutions or both? Do you plan to address most of these organically or could a partner approach work for you?

非常感谢。如果可以的话，我有两个问题。首先是关于 GCP，您在本季度取得了不错的增长。您能谈一下 GCP 继续开拓庞大市场和加速增长的机会和限制吗？是更多的销售吗？是更多的产品解决方案还是两者兼有？您打算自主解决大部分问题，还是考虑与合作伙伴合作？

And then the second one, just more detail on YouTube and sports rights. Could you reiterate your view on further live sports rights? There is some larger mostly in the US league right it’s coming soon and will be more over the next several years. Could you just talk about your philosophy there beyond NFL Sunday ticket? Thank you.

然后第二个问题，关于 YouTube 和体育版权的细节更多。您能重申一下您对进一步直播体育赛事版权的看法吗？美国联赛中有一些更大的权益即将到来，并且在未来几年会有更多。您能谈谈您在这方面的理念吗，除了 NFL 周日球票之外？谢谢。

Sundar Pichai 桑达尔·皮查伊

Thanks. Look, on the Cloud side, obviously, it's definitely a point of inflection overall. I think the AI transformation is making everyone think about their whole stack and engaged in a number of conversations. I think AI infrastructure, people really looking to Vertex AI, given our depth and breadth of model choice, or using workspace to transform productivity in your workplace, et cetera. So I think the opportunities there are all related to that, both all the work we have built up and AI being a point of inflection in terms of driving conversations. I think you will see us do it both organically and with a strong partner program as well. So we'll do it with a combination. And the challenges here always, there are switching costs to cloud and the challenges we see is how do we make it easier for people.

谢谢。看，在云端，显然，整体上这绝对是一个拐点。我认为人工智能的转变让每个人都考虑他们的整个堆栈，并参与了许多对话。我认为人工智能基础设施，人们真的很看重 Vertex AI，考虑到我们在模型选择方面的深度和广度，或者使用工作区来提高工作场所的生产力等等。所以我认为那里的机会都与此相关，既与我们积累的所有工作有关，也与人工智能作为推动对话的拐点有关。我认为你会看到我们既有机会地做，也会有一个强大的合作伙伴计划。所以我们会结合两者。这里的挑战总是，云端存在切换成本，我们看到的挑战是如何让人们更容易上手。

There's a lot of interest, but there's definitely barriers in terms of people switching. And so that's an area where we are constantly investing to make it easier for our customers.

Philipp Schindler 菲利普·辛德勒

And with regard to your sports rights question, look, I mean, we've had long standing and significant partnerships with the most popular sports league here in the US around the globe, Federation's teams, athletes, broadcasters, and obviously these partnerships in combination with a very vast audience of sports fans drives investment and subscription experiences across many offerings, NFL Sunday ticket, YouTube TV, YouTube primetime channels and so on. But there's nothing that we have to announce at the moment. We're obviously always looking at where we can create more value for users, for advertisers, for creators, but nothing specific to talk about at this moment.

关于您的体育版权问题，我们与美国以及全球最受欢迎的体育联赛、联盟团队、运动员、广播公司建立了长期而重要的合作关系。显然，这些合作伙伴关系与庞大的体育粉丝群结合在一起，推动了在多种产品中的投资和订阅体验，如 NFL 周日球票、YouTube TV、YouTube 黄金时段频道等。但目前我们没有任何要宣布的消息。我们一直在寻找为用户、广告商、创作者创造更多价值的途径，但目前没有具体内容可供讨论。

Operator 操作员

Our next question comes from Ross Sandler with Barclays.

我们下一个问题来自巴克莱的罗斯·桑德勒。

Ross Sandler 罗斯·桑德勒

Great. Sundar, I had a question about smartphone-based AI searches. So you guys are powering all these new AI interactions and searches on Pixel and on Samsung devices, and I think there's speculation that Gemini might be used on iOS in the future state. So the question is, if users start searching on smartphones and those searches are basically rendered on the model, on the phone without accessing the web, how do you guys anticipate monetizing some of these smartphone-based behaviors that are kind of run on the edge? Any thoughts on that?

很好。桑达，我有一个关于基于智能手机的人工智能搜索的问题。所以你们正在为 Pixel 和三星设备上的所有这些新的人工智能互动和搜索提供支持，我认为有传言称 Gemini 可能会在未来在 iOS 上使用。所以问题是，如果用户开始在智能手机上进行搜索，而这些搜索基本上是在模型上、在手机上渲染的，而不是访问网络，那么你们如何预期从一些在边缘运行的这些基于智能手机的行为中获利？对此有什么想法吗？

Sundar Pichai 桑达尔·皮查伊

Look, I think if you look at what users are looking for, people are looking for information and ability to connect with things outside. So I think there'll be a set of use cases which you'll be able to do on-device. But for a lot of what people are looking to do, I think you will need the richness of the Cloud, the Web, and you have to deliver it to users. So I think, so again, to my earlier comments, I think through all these moments, you saw what we have done with Samsung, with Circle to Search. I think it gives a new way for people to access search conveniently, wherever they are. And so I view this as a positive way to bring ourselves together in a more seamless manner. So I think it's positive from that perspective. In terms of on-device versus Cloud, there will be needs which can be done on-device, and we should, to help it from a privacy standpoint. But there are many, many things for which people will need to reach out to the Cloud. And so I don't see that as being a big driver in the on-Cloud versus off-Cloud in any way.

看，我认为如果你看一下用户在寻找什么，人们正在寻找信息和与外部事物连接的能力。因此，我认为会有一系列可以在设备上完成的用例。但对于人们想要做的许多事情，我认为你需要云端、网络的丰富性，并且你必须将其传递给用户。因此，我认为，再次强调我的早前评论，我认为通过所有这些时刻，你看到了我们与三星、与 Circle to Search 合作所做的工作。我认为这为人们提供了一种新的方式，让他们方便地访问搜索，无论他们身在何处。因此，我认为这是一种积极的方式，以更无缝的方式将我们聚集在一起。所以我认为从这个角度来看是积极的。在设备端与云端方面，有一些需求可以在设备上完成，我们应该从隐私的角度来帮助它。但有许多事情，人们需要借助云端。因此，我不认为这在云端与非云端之间会成为一个重要的驱动因素。

Operator 操作员

And our last question comes from Colin Sebastian with Baird.

我们的最后一个问题来自 Baird 的 Colin Sebastian。

Colin Sebastian

Thanks and good afternoon. I guess, first, a follow-up on some of the questions on SGE and the Core Search. I guess I'm wondering, along with some of those changes in behavior, is there a way to quantify that overall engagement shift, whether that's an increase in time spent, increase in over the level of increase in queries for both sort of traditional search as well as more generative answers.

谢谢，下午好。我想首先跟进一些关于 SGE 和核心搜索的问题。我在想，除了一些行为上的变化之外，是否有办法量化整体参与度的转变，无论是时间增加，查询量增加，还是传统搜索和更具生成性答案的查询量增加水平。

And then secondly, on the hardware roadmap, I assume later this year we'll hear more about some of the products, but any areas of a particular focus or that you would point out that we should keep in mind in terms of hardware launches in the back half? Thank you.

然后，其次，在硬件路线图上，我认为今年晚些时候我们会听到更多关于一些产品的消息，但在硬件发布方面，有没有特别关注的领域或者你想指出的我们应该牢记的事项？谢谢。

Sundar Pichai 桑达尔·皮查伊

Well, the first question on Search, not much more to add to what I said but what we have seen, and remember we've been in live experiments just for a few weeks in the U .S. and U.K. and on a slice of our queries where, and all indications are positive that it improves user satisfaction. We see an increase in engagement, but I see this as something which will play out over time, but if you were to step back this moment there were a lot of questions last year, and we always felt confident and comfortable that we would be able to improve the user experience. People question whether these things would be costly to serve, and we are very, very confident. We can manage the cost of how to serve these queries. People worried about latency. I think we are, when I look at the progress we have made in latency and efficiency, we feel comfortable. There are questions about monetization, and based on our testing so far, I am comfortable and confident that we'll be able to manage the monetization transition here well as well. It will play out over time, but I feel we are well positioned, and more importantly, when I look at the innovation that's ahead and the way the teams are working hard on it, I am very excited about the future ahead.

嗯，关于搜索的第一个问题，我没有太多要补充的，但我们所看到的情况是，记住我们在美国和英国进行了几周的实时实验，仅在我们的一部分查询中，所有迹象都表明这有助于提高用户满意度。我们看到参与度增加了，但我认为这是一个需要时间来展现的事情，但如果你退后一步看，去年有很多问题，我们一直对能够改善用户体验感到自信和舒适。人们质疑这些服务是否会成本高昂，但我们非常非常有信心。我们可以控制如何提供这些查询的成本。人们担心延迟。我认为，当我看到我们在延迟和效率方面取得的进展时，我们感到很舒适。有关货币化的问题，根据我们迄今为止的测试，我感到很舒适和自信，我们也将能够很好地管理这里的货币化过渡。 随着时间的推移，这将逐渐展现出来，但我觉得我们处于一个很好的位置，更重要的是，当我看到即将到来的创新以及团队们为此努力的方式时，我对未来感到非常兴奋。

Operator 操作员

Thank you. And that concludes our question and answer session for today. I'd like to turn the conference back over to Jim Friedland for any further remarks.

谢谢。今天的问答环节到此结束。我想把会议交还给吉姆·弗里德兰，以便他发表进一步的讲话。

Jim Friedland  吉姆·弗里德兰

Thanks, everyone for joining us today. We look forward to speaking with you again on our second quarter 2024 call. Thank you. And have a good evening.

谢谢大家今天加入我们。我们期待在 2024 年第二季度电话会议上再次与大家交流。谢谢。祝你们晚上愉快。

Operator 操作员

Thank you, everyone. This concludes today’s conference call. Thank you for participating. You may now disconnect.

谢谢大家。今天的电话会议到此结束。感谢您的参与。您可以挂断电话了。